As geopolitical tensions increase, the price of WTI rises due to possible supply interruptions.
On New Year's Day, Russia and Ukraine exchanged accusations regarding attacks on civilians.
Four oil tankers were sanctioned by the US Treasury for aiding the Maduro regime in Venezuela in avoiding regulations.
During Friday's European hours, the price of West Texas Intermediate (WTI) oil increased to around $57.70. Due to possible supply issues brought on by growing geopolitical tensions, crude oil prices are rising.
In an effort to cut off Moscow's military funding, Kyiv has increased its attacks on Russian energy infrastructure in recent months. In the meantime, despite intense US-led negotiations under President Donald Trump to resolve the almost four-year conflict, Russia and Ukraine traded accusations on New Year's Day regarding attacks on civilians.
The US Treasury Department sanctioned the Panamanian-flagged Nord Star, the Guinean-flagged Lunar Tide, and the Hong Kong-flagged Della on Wednesday for allegedly helping President Maduro's government evade sanctions this year by shipping Venezuelan fuel or crude to Asia and the Caribbean, including four tankers connected to a purported "shadow fleet," according to Reuters.
The state oil corporation PDVSA has been forced to take drastic measures to avert refinery shutdowns as residual fuel inventories accumulate since the measures have prohibited sanctioned tankers from entering or departing Venezuela.
The US Energy Information Administration (EIA) said on Wednesday that US crude oil stockpiles dropped by 1.934 million barrels last week, the biggest withdrawal since mid-November and significantly more than the 0.9 million-barrel reduction predicted.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is scheduled to convene virtually on Sunday, and traders anticipate that the organization will stick to its November accord to halt additional production rises.
On New Year's Day, Russia and Ukraine exchanged accusations regarding attacks on civilians.
Four oil tankers were sanctioned by the US Treasury for aiding the Maduro regime in Venezuela in avoiding regulations.
During Friday's European hours, the price of West Texas Intermediate (WTI) oil increased to around $57.70. Due to possible supply issues brought on by growing geopolitical tensions, crude oil prices are rising.
In an effort to cut off Moscow's military funding, Kyiv has increased its attacks on Russian energy infrastructure in recent months. In the meantime, despite intense US-led negotiations under President Donald Trump to resolve the almost four-year conflict, Russia and Ukraine traded accusations on New Year's Day regarding attacks on civilians.
The US Treasury Department sanctioned the Panamanian-flagged Nord Star, the Guinean-flagged Lunar Tide, and the Hong Kong-flagged Della on Wednesday for allegedly helping President Maduro's government evade sanctions this year by shipping Venezuelan fuel or crude to Asia and the Caribbean, including four tankers connected to a purported "shadow fleet," according to Reuters.
The state oil corporation PDVSA has been forced to take drastic measures to avert refinery shutdowns as residual fuel inventories accumulate since the measures have prohibited sanctioned tankers from entering or departing Venezuela.
The US Energy Information Administration (EIA) said on Wednesday that US crude oil stockpiles dropped by 1.934 million barrels last week, the biggest withdrawal since mid-November and significantly more than the 0.9 million-barrel reduction predicted.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is scheduled to convene virtually on Sunday, and traders anticipate that the organization will stick to its November accord to halt additional production rises.
